SoFi shutters crypto trading following Fed regulation

SoFi, an online banking platform, has announced that it is discontinuing its cryptocurrency trading service. Customers were notified of this decision via an email sent on Wednesday morning.

The company’s existing crypto customers will have the opportunity to migrate their assets to Blockchain.com, known primarily for its digital wallet services.

SoFi, a high-yield savings account provider-cum-investing platform, first offered crypto trading in 2019. Until recently however, it has been managing its operations under a two-year conditional approval granted by the Federal Reserve.

The San Francisco-based bank appears to be the first domino to fall following the Fed’s “novel activities…

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